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wilsonhammer t1_iuiogkh wrote

Reply to comment by flerchin in getting a nice chunk of money next month. by JGreenAZ

this is the way OP. investments are a good plan (follow the flowchart, read the wiki), but make sure your day-to-day financial habits are rock solid. you can't build on your nest egg on an ongoing basis if you don't have money leftover each paycheck to save.

also, I can't no one has said this yet, but money from lawsuits/settlements are taxable. make sure you have enough set aside come April to pay uncle sam.

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oscarwinner88 t1_iujf418 wrote

Sometimes it’s taxable and sometimes it’s not, it depends on what type of settlement it is. OP, you should ask your lawyer to give you information in writing about which (if any) portions of your settlement are taxable.

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